Dycom Industries (NYSE:DY) Given New $183.00 Price Target at KeyCorp

Dycom Industries (NYSE:DY) had its price target decreased by analysts at KeyCorp from $201.00 to $183.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target would indicate a potential upside of 20.20% from the company’s previous close.

Several other brokerages have also recently commented on DY. Raymond James boosted their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th. B. Riley cut their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, Wells Fargo & Company lowered their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $200.25.

Dycom Industries Price Performance

Shares of NYSE DY opened at $152.25 on Wednesday. The company has a fifty day moving average price of $160.15 and a 200 day moving average price of $176.37. Dycom Industries has a 1-year low of $131.37 and a 1-year high of $207.20. The firm has a market cap of $4.41 billion, a PE ratio of 20.03, a PEG ratio of 1.29 and a beta of 1.36. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89.

Dycom Industries declared that its board has authorized a stock repurchase program on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently modified their holdings of DY. Assenagon Asset Management S.A. grew its position in shares of Dycom Industries by 327.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company’s stock worth $60,818,000 after purchasing an additional 305,755 shares in the last quarter. SG Americas Securities LLC acquired a new position in Dycom Industries in the 1st quarter valued at $342,000. Simplicity Wealth LLC acquired a new stake in shares of Dycom Industries during the 1st quarter worth $263,000. IMC Chicago LLC acquired a new position in Dycom Industries in the first quarter valued at about $1,777,000. Finally, NBC Securities Inc. lifted its position in Dycom Industries by 70,784.2% during the first quarter. NBC Securities Inc. now owns 13,468 shares of the construction company’s stock worth $2,051,000 after purchasing an additional 13,449 shares during the period. 98.33% of the stock is currently owned by institutional investors and hedge funds.

About Dycom Industries

Dycom Industries, Inc provides specialty contracting services to the telecommunications infrastructure and utility industries in the United States. The company offers engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems; wireless networks in connection with the deployment of macro cell and new small cell sites; and program and project management and inspection personnel.